Finance Minister Dr Cassiel Ato Forson says Ghana’s newly established Value for Money Office will help reduce inflated contracts and improve efficiency in public spending. The government believes the institution will also create more fiscal space for national development projects.
Speaking after President John Dramani Mahama signed the bill into law, Dr Forson said the office will strengthen oversight of government procurement and public projects. According to him, the institution will review contracts more carefully before taxpayer funds are approved.
The finance minister said the new office is expected to stop contract inflation and reduce unnecessary expenditure. He explained that many public projects have historically suffered from overpricing, weak cost controls, and inefficient procurement processes.
“The Office for Value for Money will stop inflation and padding of contracts,” Dr Forson stated. He added that the institution would help identify inflated pricing and poor project estimates before they place pressure on public finances.
Dr Forson also noted that the office could generate significant savings for the state over time. He said those savings would allow government to redirect resources into key sectors of the economy, including infrastructure and social development.
The creation of the Value for Money Office Ghana forms part of broader public financial management reforms. Government says the goal is to improve transparency, accountability, and efficiency in the use of public funds.
The new institution is also expected to strengthen technical reviews of major government contracts. This comes as Ghana continues efforts to maintain fiscal discipline after recent debt restructuring and expenditure control measures.
Source: New Value for Money Office to Curb Contract Padding and Create Fiscal Space – Ato Forson
